Zhitong Financial APP learned that as gold prices surged to record highs earlier this week, fund managers were interested in gold.gauntletarcadeBullishness also rose to its highest level in more than four years. U.S. government data showed that hedge funds and other large speculators added net long positions in Comex futures and options by 21030 contracts in the week ended May 21, the highest level since mid-April 2020.
Investors cashed out after gold prices hit a record on Monday, making precious metals look set for their worst week of the year. Still, gold prices have risen 13% this year as central bank purchases, strong Asian demand and geopolitical conflicts have highlighted gold's safe haven status.